# In the matter of Supreme Transport Organisation Private Limited C.P.(IB)-580(MB)2021

> NCLT judgment dated 2022-07-25. Citation: TCN-2022-NCLT-01582. The case involves a Company Petition filed under Section 7 of the IBC 2016. The petitioner…

- **Court:** NCLT
- **Order date:** 25 Jul 2022
- **Citation:** TCN-2022-NCLT-01582
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supreme-transport-organisation-private-limited-cpib-580mb2021-9aa10ce8

## Summary

### Background

The case involves a Company Petition filed under Section 7 of the IBC 2016. The petitioner sought to withdraw the petition.

## Facts

A Company Petition was filed, presumably under Section 7 of the IBC 2016. The Counsel for the Petitioner requested permission to withdraw the petition. This request was made after the MCA notification dated 24.03.2020, which raised the threshold limit from 1 lac to 1 crore. The original petition was filed for an amount of Rs. 62,22,219/-. The court granted permission to withdraw the petition.

## Issues and analysis

### Issue 1: Whether the Petitioner should be granted …

**Ratio:** A petitioner can withdraw a Company Petition with the permission of the court, especially

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**Reasoning:** The court considered the MCA notification dated 24.03.2020, which raised the threshold

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**Interpretation:** The interpretation of the law allows for the withdrawal of a petition when

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**Application:** In this case, the MCA notification raising the threshold limit from 1 lac to 1

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## Parties

- **Judges:** Satya Ranjan…; H.V. Subb…
- **Appellants:** EVERONN STEEL &…
- **Respondents:** Supreme Transport…

## Timeline

- **2020-03-24 — MCA Notifi…**: MCA notification raised the…
- **2022-07-25 — Hearing…**: Hearing of the Mumbai Bench of the…

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